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GMS Market Commentary on Shipbreaking in China in Week 24 - TRADE WAR LOOMS

Steel News - Published on Wed, 20 Jun 2018

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The imposition of 25% tariffs on Chinese goods (as promised previously by President Trump) reportedly came into effect this week, setting off alarm bells as stocks declined on the back of fears that a tit-for-tat trade war from China would be imminent and escalate globally.

While Chinese local steel plate prices remain firm, due to the fact that only one yard (Changjiang yard in the Zhoushan area) remains open to buy tonnage, low ball offers are ensuing for any green / geographically positioned tonnage on offer.

This is the last 6 months during which, demo yard(s) can acquire tonnage before the Chinese market shuts for good for internationally flagged vessels for recycling from January 2019.

However, the ongoing price gulf with the sub-continent markets will likely ensure China spends the latter half of the year on a fairly silent note.

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Posted By : Nanda Koijam on Wed, 20 Jun 2018
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